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www.IndependentRetailer.com MARKETING Markups &
Markdowns continued from page 124
thinking. I suppose the mindset is that money is being lost, when in reality much more lost revenue is at stake by not getting cash out of slow selling stock and replac- ing it with new product. Worse yet is packing goods away in the back room and dragging them out again next year. Remember, your cost is not relevant in a markdown pricing decision. Truth 7. In most cases, it is a
good practice to keep markdown merchandise at the back of the store. You want your customers exposed to new full price products at every opportunity. Exceptions to this would be storewide sale events or seasonal clearance time, when a large majority of items are on sale. Truth 8. Nurture your good
customers who do not shop you on price alone. This is where added value comes into play. The cosmetics industry does a great job of this by offering gift with pur- chase items. Thank-you notes to good customers also go a long way in showing a customer that you value their patronage. Understanding these truths
and employing sound markdown management should help turn markdowns from a negative part of business into a positive.
Ritchie Sayner is Vice Presi-
dent of Business Development for RMSA Retail Solutions. Contact Mr. Sayner at rsayner@rmsa. com or 816-505-7912. ■
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INDEPENDENTRETAILER.COM for Industry News & Updates August 2011 I
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